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The accounting profession follows a set of guidelines for measurement and disclosure of the financial information termed as the Generally Accepted Accounting Principles (GAAP).

a) Describe what the Stable-Monetary-Unit Assumption is and give an illustration of its application.

b) Transaction analysis outcomes in the development of a journal entry. A building is purchased for $535,000. Name the accounts impacted and how using the format account name/debit or credit/dollar amount and describe how the Accounting Equation is impacted.

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